HCA Healthcare, Inc.
HCA· NYSE· Services-General Medical & Surgical Hospitals, NEC
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 10.2%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +8.0%
We record prices for the companies we cover; HCA is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 239.5M
- Revenue
- $75.6B
- Free cash flow
- $7.7B
- Owner earnings
- $7.3B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- –
- Net
- 9.0%
- Free cash flow
- 10.2%
- Owner earnings
- 9.6%
- Stock pay
- 0.5%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- –
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- 7.9%
- Revenue, 5 yr
- 8.0%
- Revenue, 9 yr
- 6.9%
- Diluted EPS, 3 yr
- 13.9%
- Diluted EPS, 5 yr
- 21.0%
- Diluted EPS, 9 yr
- 16.3%
- Free cash flow, 3 yr
- 23.1%
- Free cash flow, 5 yr
- 3.8%
- Free cash flow, 9 yr
- 11.5%
Financial health · FY2025
- Cash and investments
- $1.0B
- Total debt
- $41.6B
- Net debt
- $40.6B
- Debt/Equity
- –
- Debt/FCF
- 5.4x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 10.0%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -7.0%
Financials: ten years from the 10-Ks
Revenue
$75.6B
+6.9% a year over 9 years
FY2016FY2025
Margins
9.0%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$7.7BOwner earnings$7.3B
Free cash flow +11.5% a year
FY2016FY2025
Diluted shares
239.5M
-39.5% over 9 years, net buybacks
FY2016FY2025
Net debt (below zero)
-$40.6B
$40.6B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $41.5B | $43.6B | $46.7B | $51.3B | $51.5B | $58.8B | $60.2B | $65.0B | $70.6B | $75.6B |
| Revenue growth | – | 5.1% | 7.0% | 10.0% | 0.4% | 14.0% | 2.5% | 7.9% | 8.7% | 7.1% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | – | – | – | – | – | – | – | – | – | – |
| Net income | $2.9B | $2.2B | $3.8B | $3.5B | $3.8B | $7.0B | $5.6B | $5.2B | $5.8B | $6.8B |
| Net margin | 7.0% | 5.1% | 8.1% | 6.8% | 7.3% | 11.8% | 9.4% | 8.1% | 8.2% | 9.0% |
| Diluted EPS | $7.30 | $5.95 | $10.66 | $10.07 | $10.93 | $21.16 | $19.15 | $18.97 | $22.00 | $28.33 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $5.7B | $5.4B | $6.8B | $7.6B | $9.2B | $9.0B | $8.5B | $9.4B | $10.5B | $12.6B |
| Capital expenditure | $2.8B | $3.0B | $3.6B | $4.2B | $2.8B | $3.6B | $4.4B | $4.7B | $4.9B | $4.9B |
| Free cash flow | $2.9B | $2.4B | $3.2B | $3.4B | $6.4B | $5.4B | $4.1B | $4.7B | $5.6B | $7.7B |
| Stock-based compensation | $251.0M | $270.0M | $268.0M | $347.0M | $362.0M | $440.0M | $341.0M | $262.0M | $360.0M | $401.0M |
| Owner earnings? | $2.6B | $2.1B | $2.9B | $3.1B | $6.0B | $4.9B | $3.8B | $4.4B | $5.3B | $7.3B |
| Free cash flow per share | $7.31 | $6.48 | $8.97 | $9.89 | $18.62 | $16.37 | $14.01 | $16.96 | $21.54 | $32.12 |
| Capital allocation | ||||||||||
| Dividends paid | – | $0 | $487.0M | $550.0M | $153.0M | $624.0M | $653.0M | $661.0M | $690.0M | $679.0M |
| Share repurchases | $2.8B | $2.1B | $1.5B | $1.0B | $441.0M | $8.2B | $7.0B | $3.8B | $6.0B | $10.1B |
| Diluted shares | 395.9M | 372.2M | 355.3M | 348.2M | 343.6M | 328.8M | 294.7M | 276.4M | 261.8M | 239.5M |
| Share count change? | -7.2% | -6.0% | -4.5% | -2.0% | -1.3% | -4.3% | -10.4% | -6.2% | -5.3% | -8.5% |
| Balance sheet | ||||||||||
| Cash and equivalents | $646.0M | $732.0M | $502.0M | $621.0M | $1.8B | $1.5B | $908.0M | $935.0M | $1.9B | $1.0B |
| Short-term investments | – | – | – | – | $116.0M | $103.0M | – | – | – | – |
| Total debt | $31.4B | $33.1B | $32.8B | $33.7B | $31.0B | $34.6B | $38.1B | $39.6B | $43.0B | $41.6B |
| Net debt | $30.7B | $32.3B | $32.3B | $33.1B | $29.1B | $33.0B | $37.2B | $38.7B | $41.1B | $40.6B |
| Shareholders' equity | -$7.3B | -$6.8B | -$5.0B | -$2.8B | $572.0M | -$933.0M | -$2.8B | -$1.8B | -$2.5B | -$6.0B |
Latest filings
| 2026-10-29 | 10-Q | Quarterly report |
| 2026-10-27 | 8-K | Earnings release |
| 2026-07-28 | 10-Q | Quarterly report |
| 2026-07-24 | 8-K | Earnings release |
| 2026-07-14 | 8-K | Earnings release |
| 2026-04-29 | 10-Q | Quarterly report |
| 2026-04-24 | 8-K | Earnings release |
| 2026-03-13 | DEF 14A | Proxy statement |
| 2026-02-10 | 10-K | Annual report |
| 2026-01-27 | 8-K | Earnings release |
More from our coverage
- NOWSoftware7.7ServiceNow: we would own it below $151.31A rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.7Adobe: we would own it below $359.48Superb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
- MSFTPlatforms7.3Microsoft: we would own it below $328.23The most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure7.0NVIDIA: we would own it below $83.45The best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- CRWDCybersecurity6.7CrowdStrike: on our watch listA category leader with strong growth and real cash flow, but stock pay consumes most of the free cash flow and the price assumes years of flawless execution.Base value $300.07
- GOOGLPlatforms6.5Alphabet: we would own it below $167.68Search pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
